what do you need to get prequalified for a mortgage

A step-by-step guide to the homebuying process – Unless you’re paying for your dream home in cash, you’re going to need to borrow funds from a bank for a mortgage. What are you going to need to know to get one? Your income. you have two options:.

Should I Get Prequalified or Preapproved for a Mortgage. – It gives you an idea of what is out there and helps you start planning. Being prequalified for a mortgage is a good starting point if you are on the fence and you’re trying to decide if you want to rent or buy a home. But if you are serious about buying a home, you might want to learn how to get preapproved for a mortgage.

After you find the right home, getting the right mortgage is the next important decision you’ll make in the homebuying process. Being prequalified by a mortgage lender lets you know how much you can borrow. To be sure you’re getting the best deal, talk with multiple lenders and compare their mortgage interest rates and loan options.

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